Italgas: consolidated results as at 31 march 2026 approved

Milan, 5 May 2026 - Italgas’ Board of Directors, chaired by Paolo Ciocca, met today and approved the consolidated results as at 31 March 2026 and the guidance of the year 2026. The data take into account the significant change in scope with the consolidation of 2i Rete Gas starting from 1 April 2025.

Highlights

• Adjusted total revenues: 661.7 million euro (+44.1%)
• Adjusted EBITDA: 526.8 million euro (+52.6%)
• Adjusted EBIT: 340.7 million euro (+51.2%)
• Adjusted net profit attributable to the Group: 189.4 million euro (+42.8%)
• Technical investments: 342.8 million euro (+106.9%)
• Cash flow from operating activities: 643.0 million euro
• Net financial debt (excluding the effects pursuant to IFRS 16 and IFRIC 12): 10,206.8 million euro
• Net financial debt: 10,350.7 million euro
• Scope 1 and 2 (market-based) emissions: 28.8 10³ tCO₂eq, -2.7% – Gas distribution sector, like-for-like¹
• Net energy consumption: 136.6 TJ, -18.3% – Gas distribution sector, like-for-like²

   

The results for the first quarter mark a strong start to 2026 characterised by extremely positive performances, with the main economic and financial indicators recording growth of over 40% and 50% compared to the same period of the previous year. The Group’s development trajectory continues on the track of the 37 consecutive quarters of growth since Italgas’ return to the stock market, thanks to the ongoing focus on operational efficiency and to the synergies already executed after one year since the closing of the acquisition of 2i Rete Gas.  

As at 31 March 2026, the Group recorded adjusted EBITDA of 526.8 million euro, up 52.6% compared to the first quarter of 2025, and adjusted EBIT of 340.7 million euro, representing an increase of 51.2% year on year.

Cash flow from operating activities amounts to 643.0 million euro, an increase of 230.9 million euro compared to the same period of 2025 benefiting from the favorable seasonality, and exceeding capital expenditure requirements. The abovementioned cash generation, together with the 197.6 million euro proceeds from the divestment of gas distribution activities following the Antitrust ruling, contributed to the reduction of net financial debt by 527.0 million euro over the quarter.

Technical investments in the first quarter amounted to 342.8 million euro, supporting the construction of approximately 284 kilometres of new gas distribution pipelines in Italy and Greece, as well as the continued implementation of the digital upgrade of the networks acquired through 2i Rete Gas deal, aimed at aligning them to the Group’s standards.

In the water sector, activities focused on the development of digital technologies, leveraging solutions adopted in the gas sector, with the aim of increasing operational efficiency and reducing network losses.

In the energy efficiency sector, the results of the first quarter of 2026 reflect a contraction in the business, due to lower activity related to incentives no longer in place from 1 January 2026.  

Guidance 2026

The Group forecasts the following for the 2026 financial year:

• EBITDA adjusted: 2.10-2.15 billion euro
• EBIT adjusted: 1.34-1.37 billion euro
• Adjusted net profit attributable to the Group: 0.74-0.76 billion euro
• Technical investments: 1.5 billion euro
• Net financial debt: 10.8 billion euro³

Paolo Gallo, CEO of Italgas, commented:  

“The results for the first quarter of 2026 mark the beginning of the most significant year in our recent history, delivering outstanding performance that lays the foundations for continued progress in line with the development targets we have set for ourselves.

Economic and financial indicators show robust growth, thanks to the integration of 2i Rete Gas, in several cases close to or exceeding 50%: adjusted EBITDA increased by 52.6% reaching 526.8 million euro, while adjusted Group Net Profit amounted to close to 190 million euro, scoring a +42.8% increase compared to the same period of 2025.

With approximately 350 million euro invested, we are accelerating the digital upgrade of the new assets acquired through the 2i Rete Gas and further developing the network in Italy and Greece.

2026 represents a key milestone for Italgas: the 2026 guidance incorporates the significant synergies resulting from the integration with 2i Rete Gas and the first results of the increasingly widespread adoption of artificial intelligence in processes and operating activities.  

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We are already at an advanced stage of this journey, and I am confident that by continuing to invest in our people’s skills, in our consolidated know-how and in technological leverage, we will be able to take a further step forward, continuing to create value for the communities, the territories in which we operate and for all our stakeholders.”

¹Comparable perimeter 2025. Taking into account also the contributions from the “Water service” sector (11.3×10³ tCO₂eq) and from the former 2i Rete Gas perimeter (19.2×10³ tCO₂eq), the Group’s total emissions amount to 59.3×10³ tCO₂eq.

²Comparable perimeter 2025. Taking into account also the contributions from the “Water service” sector (97.0 TJ) and from the former 2i Rete Gas perimeter (101.8 TJ), the Group’s total energy consumption amounts to 355.4 TJ.

³ Net financial debt expected excludes the effects of IFRS 16 and IFRIC 12.